EWZ vs. CF
EWZ (iShares MSCI Brazil ETF) is Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while CF (CF Industries Holdings, Inc.) is a stock. Over the past 10 years, EWZ returned 6.64%/yr vs 20.99%/yr for CF. Their 0.37 correlation means their historical movements had little consistent relationship.
Performance
EWZ vs. CF - Performance Comparison
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Returns By Period
In the year-to-date period, EWZ achieves a 16.46% return, which is significantly lower than CF's 63.40% return. Over the past 10 years, EWZ has underperformed CF with an annualized return of 6.64%, while CF has yielded a comparatively higher 20.99% annualized return.
EWZ
- 1D
- 0.33%
- 1M
- 7.23%
- 6M
- -0.11%
- YTD
- 16.46%
- 1Y
- 44.24%
- 3Y*
- 9.53%
- 5Y*
- 7.67%
- 10Y*
- 6.64%
- ALL TIME*
- 6.52%
CF
- 1D
- -0.46%
- 1M
- 15.75%
- 6M
- 35.55%
- YTD
- 63.40%
- 1Y
- 37.75%
- 3Y*
- 18.16%
- 5Y*
- 24.12%
- 10Y*
- 20.99%
- ALL TIME*
- 21.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $259.19M | $278.77M | $321.72M | |
| $598.51M | $637.15M | $833.60M |
EWZ vs. CF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 16.46% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
CF CF Industries Holdings, Inc. | 63.40% | -7.17% | 10.08% | -4.75% | 22.29% | 87.18% | -15.76% | 12.73% | 5.13% | 40.24% |
Correlation
The correlation between EWZ and CF is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.26 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2005 | 0.37 |
The correlation between EWZ and CF shifts across timeframes, from -0.04 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWZ vs. CF — Risk / Return Rank
EWZ
CF
EWZ vs. CF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and CF Industries Holdings, Inc. (CF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EWZ | CF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.18 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 1.49 | +0.82 |
| Martin ratioReturn relative to average drawdown | 5.64 | 3.31 | +2.33 |
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Drawdowns
EWZ vs. CF - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, roughly equal to the maximum CF drawdown of -76.73%. Use the drawdown chart below to compare losses from any high point for EWZ and CF.
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Drawdown Indicators
| EWZ | CF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -76.73% | -0.52% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -25.45% | +6.18% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -29.16% | -2.20% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -48.36% | +16.12% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -60.74% | +3.75% |
Current DrawdownCurrent decline from peak | -18.89% | -8.65% | -10.24% |
Average DrawdownAverage peak-to-trough decline | -35.86% | -24.87% | -10.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 11.44% | -3.58% |
Volatility
EWZ vs. CF - Volatility Comparison
The current volatility for iShares MSCI Brazil ETF (EWZ) is 6.69%, while CF Industries Holdings, Inc. (CF) has a volatility of 10.07%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than CF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | CF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.69% | 10.07% | -3.38% |
Volatility (6M)Calculated over the trailing 6-month period | 19.32% | 35.61% | -16.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.12% | 42.03% | -16.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.46% | 38.14% | -10.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.90% | 40.08% | -6.18% |
Dividends
EWZ vs. CF - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 3.99%, more than CF's 1.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CF CF Industries Holdings, Inc. | 1.60% | 2.59% | 2.34% | 2.01% | 1.76% | 1.70% | 3.10% | 2.51% | 2.76% | 2.82% | 3.81% | 2.94% |
EWZ iShares MSCI Brazil ETF | 3.99% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
Frequently Asked Questions
EWZ and CF have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CF has higher volatility (10.07%) compared to EWZ (6.69%). In terms of maximum drawdown, EWZ dropped -77.25% vs CF's -76.73%.
EWZ currently has the higher Sharpe Ratio (1.77 vs 0.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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